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Oil Rallies as Strong US Demand Eases Fears of Economic Slowdown

  • WTI pushes past $90 after falling to seven-month low this week
  • Lower liquidity and volume has led to choppy summer trading
Updated on

Oil rose for a second day as a bullish US stockpile report blunted concerns over the potential effects of an economic slowdown. 

West Texas Intermediate rallied above $90 a barrel after this week’s Energy Information Administration report offset concerns over a potential recession wrecking the oil market. Geopolitical tremors accelerated the rally as Ukrainian President Volodymyr Zelenskiy said he sees no end to the war without troop withdrawals during a meeting with Turkey’s President Recep Tayyip Erdogan.